Bitcoin Weekly Chart – What’s New
Bitcoin / Tether USD
The price broke the downtrend line and reached SMA50 which acts now like a resistance line. Probably we’ll see a sideway movement or a short term downward movement to a support zone . This zone is formed by SMA100, the uptrend line, 6000.00 and 5000.00 levels. It will be a good variant if the market continues the uptrend from this zone. Also it will give additional opportunities to buy in long run based on reversal signals. The variant when the price breaks SMA50 and reaches 10000.00 level without a correction or a sideway movement, I don’t believe. But it does not mean that it’s impossible. I just think that such market movement is less logical. And what is your opinion? Please, share in comments!
Signals from indicators:
– RSI can confirm the price reversal from SMA50
– MACD is bullish and supports the upward movement
– DMI does not support bulls and ADX line falls. It tells us that we should not expect strong and stable price movements now.
So, as a conclusion:
1. the weekly timeframe gives solid signals confirming the upward movement. The price breakout above the downtrend line, strong bullish candles, MACD bullish signals support the market and the buyers.
2. the perfect variant for the market will be the continuation of the uptrend from the support zone . The falling or the sideway movements withing several weeks will be normal and we’ll have to use such movements for opening long trades.
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Source: TW DLavrov